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The gold price sunk $19.01, or 1.2%, to $1,537.29 per ounce Wednesday
morning as European sovereign debt concerns continued to weigh on
financial markets. Weakness in the price of gold
was also fueled by safe haven buying in the U.S. dollar, which reached
its highest level since September 2010 against a composite of foreign
currencies. The euro continued to slide against the dollar as well, by
as much as 0.8% this morning to 1.2408 – its lowest reading since late
June of 2010.

Investors continued to focus on the political and financial turmoil
in Greece and Spain on Wednesday, reflected by strains in their
respective financial markets. The yield on the ten-year Spanish
government bond climbed to 6.690%, within shouting distance of its
6.779% all-time high from November of last year. The Spanish stock
market also plunged to a fresh nine-year low amid speculation that the
nation will follow in the footsteps of Greece and Ireland in needing an
international bailout.

Oliver Adler, Credit Suisse’s head of global economics and
real-estate research, wrote in a note to clients that “In our view, it
is increasingly likely that Spain will need to seek external help to
support its banking system.”

As for the gold price, Saxo Bank vice-president Ole Hansen contended
that at the moment, “Nothing is able to withstand the current dollar
strength. The secure government yield levels continue to fall to
unbelievably low levels, a clear sign of the stress the financial
markets are under.”
“Gold is still stuck in its major $1,520 to $1,600 range,” Hansen
added, “and once again it looks like we have to determine exactly how
strong that support is.”

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Malaysia Gold Investment

I found Gold Investment in Malaysia is a vary good tools to make profit when the market is down. I also found that Gold Price go up and down more slower compare to share market so to make money in long term, Gold is the right tools. This blog is all about Malaysia Gold Info and the way to make profi